MPS shares crash 16% after core business drags revenue in Q1

The company's revenue saw a growth of only 2.9% from last year to ₹186.3 crore. The underperformance of its core Research Solutions business kept a lid on the company's topline growth. Revenue from the Research Solutions business declined to ₹108 crore at the end of the June quarter, from ₹118 crore during the same quarter last year. The Research Solutions business contributed to 59% of MPS' overall topline during the quarter. MPS' net profit increased by 40% from last year to ₹35 crore from ₹25 crore last year, but that was aided by a higher other income component. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) increased by 21% due to lower expenses to ₹50 crore, while margin stood at 27% from 22.8% during the same quarter last year.